Heat frying pan on medium-high, and coat pan with about half of the butter.
Spread each slice of bread with butter on one side and place in pan, buttered side up.
Cut a hole in the middle of each slice of bread using a small sized glass about 2 inches in diameter (wiggle and press down to cut hole). Remove cut-outs and place in pan. If they don't fit, then save to cook afterwards.
Crack one egg into each slice of bread, and sprinkle with cheese, garlic powder, salt and pepper. Cook about one minute, or until egg white is almost cooked through.
Flip each slice over and cook until desired doneness. Served with fried egg-hole cut outs to dip into yolk.